Short Interest in The Gabelli Equity Trust Inc. (NYSE:GAB) Grows By 276.5%

The Gabelli Equity Trust Inc. (NYSE:GAB) was the recipient of a large increase in short interest in March. As of March 15th, there was short interest totalling 845,300 shares, an increase of 276.5% from the February 28th total of 224,500 shares. Approximately 0.3% of the shares of the company are sold short. Based on an average daily trading volume, of 579,800 shares, the days-to-cover ratio is currently 1.5 days.

Institutional Trading of The Gabelli Equity Trust

A number of institutional investors have recently modified their holdings of GAB. Wealth Enhancement Advisory Services LLC increased its position in shares of The Gabelli Equity Trust by 77.6% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 155,379 shares of the financial services provider’s stock worth $853,000 after purchasing an additional 67,889 shares during the period. Steward Partners Investment Advisory LLC raised its position in The Gabelli Equity Trust by 30.9% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 223,420 shares of the financial services provider’s stock valued at $1,202,000 after purchasing an additional 52,800 shares in the last quarter. HighTower Advisors LLC lifted its stake in The Gabelli Equity Trust by 13.3% during the third quarter. HighTower Advisors LLC now owns 84,531 shares of the financial services provider’s stock worth $462,000 after purchasing an additional 9,914 shares during the last quarter. Strategic Financial Concepts LLC acquired a new stake in The Gabelli Equity Trust in the fourth quarter valued at about $58,000. Finally, Kera Capital Partners Inc. acquired a new stake in The Gabelli Equity Trust in the fourth quarter valued at approximately $569,000. 7.24% of the stock is currently owned by institutional investors.

The Gabelli Equity Trust Trading Down 0.8 %

Shares of The Gabelli Equity Trust stock opened at $5.50 on Friday. The Gabelli Equity Trust has a twelve month low of $5.09 and a twelve month high of $5.85. The company has a 50-day simple moving average of $5.54 and a two-hundred day simple moving average of $5.52.

The Gabelli Equity Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Monday, March 17th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.60 dividend on an annualized basis and a yield of 10.92%.

About The Gabelli Equity Trust

The Gabelli Equity Trust Inc is a closed ended equity mutual fund launched by GAMCO Investors, Inc The fund is managed by Gabelli Funds, LLC. It invests in public equity markets of the United States. The fund seeks to invest in stocks of companies operating across diversified sectors. It invests in preferred stock, convertible or exchangeable securities, and warrants and rights.